Committing to a mortgage, no matter what option you choose, is a big decision and not one that should be taken lightly. As you’re going through the lending process, it’s important to ask your Mortgage Loan Officers questions about what to expect. After all, they are the experts!
If you’re unsure what questions to ask, I’ve compiled a list to get you started. Remember, there is no such thing as a dumb question! If, at the end, you still have questions, our Mortgage Loan Officers are here to help!
SouthPoint Home Mortgage offers 15 or 30 year loans, Fixed, First-Time Homebuyer, FHA, Jumbo Mortgage, HomeReady, Rural Development and VA mortgages.
What mortgage is the best fit for me?
Your loan officer will make recommendations based on your employment, income and long term plans.
What are the full closing costs?
Loan estimates are given to borrowers which provides a line-by-line cost associated with your mortgage.
What loan programs offer credit towards closing?
Home$tart and First-Time Home Buyer programs give borrowers the opportunity to apply for down payment assistance and receive lender credits. Ask your Mortgage Loan Officer for more information or to see if you qualify.
What documentation do you need?
Certain types of loans can have different requirements. In recent years, income and assets verification have become automated to decrease the need to collect paystubs and W-2s.
Who will be the title and insurance agent?
Borrowers have the option to shop for a title and insurance companies which can save you money. Compare different companies to see which one offers you the best value before deciding on one.
What is the time frame from start to finish?
Once required disclosures are received, the next step will include an appraisal, title work and final approval. The process can take anywhere between two to four weeks, depending on the type of mortgage that was chosen.
How much money do I need at closing?
Borrowers will be provided with a Closing Disclosure, which provides an itemization of fees and credits.